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Home Buying 101

The following content is provided by RIS Media.

Partnering IRA Funds: An Alternative Way to Fund Your Real Estate Investment

Did you know you can partner with other funding sources to increase your investment potential? Self-directed IRAs are the only retirement arrangements that allow individual investors the freedom to pursue alternative investments, such as real estate. Investing in real estate with a self-directed IRA offers many benefits to those who are looking for creative ways to save for the future. Investors have complete control over their investment choices. Unlike other IRAs, you’re not limited to stock, bonds or mutual funds. Self-directed IRAs provide the opportunity to save money for the future on a tax-deferred or tax-free basis. In addition, an IRA is considered a separate entity that can conduct business with others. This is a common strategy used in real estate investments. The process is fairly simple, but be sure to adhere to IRA regulations to avoid engaging in any prohibited transactions.

How do I partner with others to purchase real estate using a self-directed IRA?

  1. Identify the partner you would like to invest with.
  2. Perform your due diligence and confirm that the investment fits your strategy.
  3. Combine your self-directed IRA fund with other funds to purchase the property.
  4. Your IRA will own a percentage of the property and must be stated on the title when the transaction is recorded.
  5. All income and expenses (on a proportionate basis) from the property flow in and out of your IRA and not your personal finances.
  6. If the property is sold, your IRA receives the portion of the proceeds proportionate to the percentage of ownership.

A self-directed IRA can partner with anyone at the time of initial purchase, but after the transaction is complete, the IRA cannot conduct any business with a disqualified person. Doing this could lead to significant tax penalties.

The following people are considered disqualified persons:

  • You
  • Your spouse
  • Your lineal ascendants and descendants, and their spouses
  • Any person providing plan-related services (custodians, advisors, fiduciaries, administrators)
  • Any entity (business, corporation, partnership) of which you own at least 50 percent, whether directly or indirectly

What are the ways in which I can take advantage of the partnering strategy to help me save for retirement?

  1. Partner With Another Investor
    Investors are on the lookout for new opportunities, and networking with like-minded individuals can be a great way to find an investment partner. Partnering with a fellow investor offers the potential to learn from each other, as well as disperse risk between two people.
  1. Partner With a Relative
    While you are not allowed to buy from/sell to relatives, as they are considered disqualified persons for these purposes, you do have the option of partnering with them to purchase a new investment. This can be a great way to save for retirement together with a loved one.
  1. Partner With Yourself
    It is possible to partner your self-directed IRA funds with your personal savings for the purchase of a new asset, such as a real estate property.
  1. Partner With Another Self-Directed IRA
    Partner your account funds with the funds in another IRA to maximize your purchasing power. Find another motivated retirement investor to explore your possibilities.
  1. Partner With a Group
    Sometimes partnering with one account, one investor or only yourself will not provide enough funding for the investment you are interested in. In this case, you can partner with a group! Partnering can be a great tool for retirement investing, but it is important that you understand how to utilize this strategy for success.

It’s Easy to Get Started
All you have to do to get started is open an account and fund it. There are three ways to fund your self-directed IRA: transfer or rollover an existing retirement account, such as an employer’s 401(k), into a self-directed IRA; or make regular, annual contributions to your account. Once your account has cash in it, you can start investing immediately! As you read in this article, you can partner with other investors until you have enough cash to invest in real estate on your own. Download our free report about partnering your self-directed IRA with real estate here to learn more.

Disclaimer: Before you invest in this business sector using your IRA, it is best to consult with your investment, legal and tax advisor. Entrust does not endorse or recommend any of these investments. Proper due diligence by you, the IRA holder, is recommended before entering into any transaction.

For the latest real estate news and trends, bookmark RISMedia.com.

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A Closer Look at Online Home Value Estimates

The following information is provided by the Center for REALTOR® Development (CRD).

Consumers who are seriously in the home-buying and -selling market should be mindful of a variety of competing home price estimators. Solely relying on just one price estimate is likely to skew the views of what a particular property will actually transact for. When it comes to online home value estimates, however, the No. 1 caveat for consumers is that these estimates are not a substitute for formal appraisals, comparative market analyses and the in-depth expertise of real estate professionals. Nonetheless, it is important to know the different sources of automated valuation models (or AVMs) and home value estimates available online, so that you can help clients and potential clients understand these estimates in their proper context.

How are online home value estimates created? The prevalence of technology offers more access to a broad spectrum of information on the internet. In real estate, access to property details and values is easier due partly to low-cost immense computing power. AVMs generate a price for a property based on computer algorithms and calculations that take different sets of property data and look for patterns and relationships between property value and the input data. There are websites that will have a home value estimate available by just searching an address, while others may provide an estimate only upon request.

The most popular sources of home value estimates online are those that use AVMs. These estimates have varying levels of accuracies. The main sources of AVM estimates are:

Realtors Property Resource® (RPR®) – RPR® has two home value estimates: their AVM estimate and the Realtors Valuation Model® (RVM®) estimate. The difference between the two is that RVM uses the same data as the AVM plus Multiple Listing Service (MLS) data. Both AVM and RVM show the accuracy level of the estimate by giving estimate ranges and confidence scores. This resource is available for REALTORS® only and allows a significant amount of expert customization, making it a useful tool for members, especially when working with well-researched clients.

realtor.com® – Realtor.com uses tax assessment records, recent sale prices of comparable properties and other factors to estimate home values. This estimate is free and publicly available.

Redfin – Redfin is a web-based real estate brokerage that gives the Redfin estimate for the property, which is based on market, neighborhood and home-specific data, including MLS data on recently sold homes. Redfin cites that their estimates for properties currently on the market are more accurate than estimates for off-market properties. This estimate is free and publicly available.

HouseCanary – HouseCanary has two main services: valuations and forecasting. Their estimates use property-level data from public records and the MLS. Their accuracy will vary across markets depending on the availability of data. This estimate is available with subscription to their services.

Homes.com – Homes.com’s estimate mainly uses public records. They test and benchmark the accuracy of their estimates. This estimate is free and publicly available.

Zillow and Trulia – Zillow has the Zestimate, which is their home value estimate for properties and is computed using public and user-submitted data. Their estimates have different accuracy levels depending on the data of the property and location. This estimate is free and publicly available. The estimate from Trulia is likely to be very similar to Zillow’s Zestimate, since it is part of the same Zillow Group.

Eppraisal.com – Eppraisal.com uses property records, home sales data and local market data for their estimates. Their accuracy depends on the accuracy and completeness of public data. This estimate is free and publicly available.

There are also websites that provide home value estimates by request only, or estimates using user inputs, such as HomeValues.com, SmartAlto.com, ValuemyHouse.com and ZipRealty.com, among others. Some banking and financial institutions, such as Chase Bank, Bank of America, the Federal Housing Finance Agency, Fifth Third Bank and PennyMac, also provide estimates to accompany their other financial services.

Some real estate agents and brokerages also share their estimators through their websites. Again, it is important to know that these estimates have varying levels of accuracies. These sites may or may not use AVMs, but can be another source of property and home value data that anyone can access. Additionally, there are also data companies, such as ATTOM Data Solutions and CoreLogic, that market proprietary AVMs.

As technologies advance and more data becomes available, the number of sites that provide home value estimates may grow. With the knowledge of where to find home value estimates online, it is important to note that these home value estimates are not interchangeable with formal appraisals and comparative market analyses, and they cannot be used as a basis for a loan. Most of these sites, if not all, reiterate the importance of consulting the expertise of real estate professionals to receive an in-depth and in-person analysis of the property and the local market.

This article was adapted from a post on NAR’s Economists’ Outlook blog on July 3, 2018.

Karen Belita, data scientist, focuses her research on discovering insights using large publicly available datasets. Belita has a Bachelor’s degree in Finance from George Mason University and a Certificate in Data Science from Georgetown University.

For more education about comps, valuation and pricing strategy, check out this month’s featured online certification course at the Center for REALTOR® Development, Pricing Strategies: Mastering the CMA, which is the educational requirement for NAR’s Pricing Strategy Advisor (PSA) certification, and is on sale this entire month of July at 25% off its regular price.

In addition, Episode 001: Pricing Strategies in the Market, of the Center for REALTOR® Development’s monthly podcast, discusses pricing and valuation and is available for free on most podcast channels. To listen or subscribe, visit www.crdpodcast.com.

For more information, please visit RISMedia’s online learning portal from NAR’s Center for REALTOR® Development (CRD) and the Learning Library. Here, real estate professionals can sign up for online professional development courses, industry designations, certifications, CE credits, Code of Ethics programs and more. NAR’s CRD also offers monthly specials and important education updates. New users will need to register for an account.

For the latest real estate news and trends, bookmark RISMedia.com.

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Buyers: Challenged by Student Debt? Consider Down Payment Programs

Student loan debt is one of the biggest factors impacting millennials’ ability to purchase a home. According to the National Association of REALTORS® (NAR), 80 percent of millennials do not own a home, and, of that, 83 percent say student loan debt is impacting their ability to buy. Millennials expect to be delayed from home-buying for a median of seven years, the NAR research shows.

There are alternatives, however, that millennials may not know about. In fact, according to a 2016 ATTOM Data Solutions survey, few buyers and real estate agents know about the close to 2,500—mostly local—down payment assistance programs. Across the 513 counties surveyed in the ATTOM Data Solutions report, buyers that used these programs saved, on average, $17,766 over the life of their loan.

From offerings that benefit first-time homebuyers to options for refinancing costly student loan interest rates, it’s important that today’s homebuyer is aware of all the viable options for purchasing a home.

What’s Out There?
For consumers who are having trouble saving for a large enough down payment, there are plenty of options that offer grants or down payment assistance. The National Homebuyers Fund (NHF), for example, has multi-state Down Payment Assistance (DPA) programs that offer closing assistance or down payment grants for up to 5 percent of the loan amount.

The U.S. Department of Agriculture (USDA) also has low- and no-down payment options via its Single Family Housing Guaranteed Loan Program, which assists lenders in offering low- and moderate-income households with purchasing opportunities in rural areas, for which closing costs and other related expenses can be rolled into the loan.

Additionally, there are more localized options available on a state-by-state basis. Here are a few examples:

  • Baltimore, Md./Washington, D.C. – The Maryland Mortgage Program offers a discounted mortgage rate and up to $5,000 in down payment assistance when consumers purchase in a sustainable community.
  • Ohio Grants for Grads offers reduced-rate mortgages for first-time homebuyers who’ve earned their associate, bachelor, master or doctorate degrees within the last four years.
  • Rhode Island – The First Down Program allows first-time homebuyers to purchase a one- to four-family home or condominium with down payment assistance of $7,500, forgivable after five years of owning the home as a primary residence.

More and more companies are introducing homebuyer assistance programs to tackle the student loan debt challenge that many of today’s buyers are facing, as well; however, buyers and agents should first consult a financial expert before participating in or recommending these programs. For example, the student loan cash-out refinance that multiple lenders offer, which allows homebuyers to use their equity to pay off high-interest student loans, may not make as much financial sense with the introduction of the new tax bill. as home equity financing is no longer tax-deductible.

With other incentive programs, such as the Eagle Home Mortgage’s Student Loan Debt Mortgage Program, homeowners can pay off outstanding student loan debt (up to $13,000 for this specific program) by redirecting 3 percent of their purchase price to student debt payoff when buying a new home from the home builder. Buyers should carefully assess whether these programs are financially worthwhile.

These are just a sampling of the available down payment assistance and grant programs that can help consumers with high student loan debt achieve their homeownership dream. It’s imperative that real estate agents research these offerings in order to assist consumers who believe homeownership is still out of reach.

Dominguez_Liz_60x60_4cLiz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

The post Buyers: Challenged by Student Debt? Consider Down Payment Programs appeared first on RISMedia.

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